Jun. 21, 2018
Jun 21, 2018 Securities and Exchange Commission To the and Exchange Commission, FInancial advisors should not be allowed to legally prey on their customers. This isn't only an elderly issues, although they have less time to recovery the loss to benefit the advisor. My 84 yr old father-in-law saw his account swindle - between fees and low returns. His advisor had him in 100% stock funds with front and back loads. They also did not perform as well as more stable investments. (He would trade out the funds almost yearly - with almost 3% in load fees each year). He finally asked me for help. The advisor had the never to tell me that getting almost 3% return was good (2017 the yr the market boomed and my return was closer to 12% because I was conservative). This is not much more than a scam scheme - leading clients to believe that the advisor the investments will be the best for the client's situation, not the adviors. Don't legalize con artists. I'm counting on you to make a stronger rule that closes the loophole. Americans who've worked hard to save for retirement deserve peace of mind about their financial security. Sincerely, Mrs. Barbara Rivera